Vietnam could allow residents to access casinos
The Vietnamese Ministry of Finance has recently developed a draft law that would allow Vietnamese citizens to enter land-based casinos in the country.
According to the text, residents aged 21 or older that are considered financially stable may be authorized to enter this type of establishment.
More in depth details of the measure have not yet been announced.
5 years of debate
At the moment, the Vietnamese casinos are reserved exclusively for foreign players.
After five years of debate on the subject, a bill has finally been drafted which would allow citizens of the country to enter this type of facility.
However, it must still be put up for voting.
A pilot project
In June 2013, the political bureau approved a pilot program to allow Vietnamese citizens to visit the casinos in the economic zone Van Don in the province of Quang Ninh.
Nguyen Van Hien, chairman of the Justice Committee NA, said that people are used to going to the gambling establishments abroad.
Due to the rise of crime in these areas, and the absence of rigorous management it makes sense to legalize casinos in the country.
Some details about the measure
The legislation proposes to loosen the requirements for investors that wish to open a casino.
Previously, operators had to have 10 years experience in the industry, and a minimum investment capital of $4 billion.
This regulation made it almost impossible for Vietnamese companies to get a foot in the domestic market.
Further details of the bill have also been disclosed, and they reveal that operators would be required to invest at least $20 million to open a casino offering table games and 10 slot machines.
The Ministry of Finance will work together with the Ministry of Planning and Investment and the Ministry of Culture, Sports and Tourism to regulate advertising related to casinos.
Operators would also have the right to refuse customers, who do not meet the requirements, access to their business.
Companies will also be encouraged to take active measures to prevent criminal activities, such as money laundering and fraud.
The draft also states that the maximum fine for violations will be around $9,500 dollars and that any company not complying with the rules will have their license revoked for a period of 18 months.
